Home » Bitcoin price returns to $16K amid warning over BTC whale selling

Bitcoin price returns to $16K amid warning over BTC whale selling

by admin

Bitcoin (Bitcoin) rose after hitting another two-year low heading into Wall Street’s opening on November 22.

BTC/USD 1 hour candlestick chart (Bitstamp).Source: Trading View

Thanksgiving Biwall Launches at $12,000

data from Cointelegraph Market Pro When TradingView Bitstamp followed BTC/USD as it set a low of $15,480 and recrossed the $16,000 mark.

Momentum lifted the pair to $16,189, up 3.7% against the daily low.

A hot topic among analysts is its connection to the Digital Currency Group family, which includes Grayscale, and is now at the center of rumors about its influence from defunct exchange FTX.

When monitoring key metrics for resources, the $12,000 ‘guardrail’ bid could end up protecting the market in the event of a massive capitulation over the Thanksgiving holiday period.

“Over $300 million in BTC bid liquidity between $12,000 and $12,000 from here,” commented on CryptoQuant’s post Contributor Martin.

“This new $70 million buy wall could be a guardrail for the holiday week and could be related to speculation about Grayscale announcements and such. I keep an eye on the wall.”

BTC/USD orderbook data (Binance). Source: Maartunn/Twitter

Maartunn uploaded a heatmap of the Binance orderbook, showing various levels of active buying and selling.

On the other hand, as reported by Cointelegraph, the BTC/USD downside target is mostly Focused on $14,000 and Under As the week has started.

BTC holders feel the pressure

In addition, concerns are growing, especially among long-term Bitcoin holders (LTH).

Related: Kathy Wood’s ARK Invest Adds Bitcoin Exposure As GBTC, Coinbase Shares Hit New Lows

In the latest weekly magazine, “The week on chainIn a newsletter, analytics firm Glassnode warned that “significant spending” by old hands is on the rise.

“Their supply fell by 84,560 BTC after FTX, which remains one of the most notable declines of the last year,” he said, adding that the decline was “still ongoing.”

Similarly, whales, the largest BTC investors, also had a net distribution of coins to the market. Already started buying dips.

“The whale cohort is now in net distribution mode, sending 5k to 7k extra BTC to exchanges,” Glassnode added.

“Meanwhile, the flight of coins from exchanges by nearly the entire cohort is at an all-time high. The whirlwind impact of the FTX collapse continues, and it remains to be seen how widespread the shake to investor confidence was. ”

BTC supply held by LTH annotated chart (screenshot).Source: Glassnode

The views, thoughts and opinions expressed herein are those of the authors only and do not necessarily reflect or represent the views or opinions of Cointelegraph.